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Monday, September 21, 2009

Bank of America is paying the fee to exit an arrangement in which the government had promised to cover $118 billion in risky assets

Bank of America has received a total of $45 billion from the Treasury's $700 billion financial bailout pot, which is financed by taxpayers.

The company says it wants to repay $20 billion of that money, which would remove the company from a list of firms that have received "exceptional" assistance from the government.

Such companies are subject to greater government scrutiny, including having to provide plans outlining compensation packages for their highest-paid employees. The Obama administration's pay czar, Kenneth Feinberg, has the power to veto them.

Each machine could be expected to generate about $2,250 as the village's share of net income, according to Village Administrator Kevin Bowens. If 10 establishments installed the machines, Libertyville's share of the revenue would be about $114,000 each year

Libertyville could join a growing list of communities that have chosen to ban video gambling before state rules are formulated.

"This is not a substantial revenue stream," said Trustee Rich Moras, a member of the license and permits committee. "There's a section of the population where this is a tax on hope."